DXY US Dollar Index - Forecast for the week ending 4th July 2014

DXY US Dollar Index - Forecast for the week ending 4th July 2014

• Approaching major support

Daily Chart

• Very bearish price action last week
• We are approaching the 80 level / and support and fib 50 level - It would be ideal to wait for confirmation for a possible reversal to the upside

Hourly Chart

• We are trading below the 50, 100, and 200 Simple Moving Averages - which indicates a possible change of trend (to bearish), however we have strong support coming in
• 80.00 level with Monthly pivot and 50% fib and 127.2 fib ext of last weeks range

Outlook Trade opportunity

While approaching the support, I will be looking for confirmation for reversal signs

Tips -

Always take note of any economical news event on our provided calender below